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To: phbolton who wrote (45081)	4/15/1999 12:02:00 PM
From: DJBEINO	Respond to of 53903

President threatens credit squeeze on big five corporations Apr 15, 1999 - President Kim Dae-Jung is threatening to impose financial sanctions against Korea's big five conglomerates if they continue to drag their feet in downsizing, the president declared Wednesday. "There will not be any exceptions to the creditor-bank-led restructuring through forcible reorganizations unless they cut their debts, sell subsidiaries, shut down unprofitable units and attract foreign capital on their own,'' the president said at his monthly press briefing. The big five agreed in December to a corporate restructuring plan with creditors. If they fail to follow the blueprint, the government will direct banks to refuse new loans and perhaps recall existing loans, the president said. "If the top five chaebols -- Hyundai, Samsung, Daewoo, LG and SK -- don't take visible steps before I meet them this month, they will face sanctions,'' Kim promised. Although Kim did not single out any of the chaebols for foot dragging, government sources have indicated that Hyundai and Daewoo groups have in fact been expanding their empires rather than downsizing into profit-oriented corporations. "Without resolving this issue, Korea may face a recurrence of its economic crisis," Kim warned.

To: phbolton who wrote (45081)	4/15/1999 12:51:00 PM
From: John Graybill	Read Replies (1) \| Respond to of 53903

MUEI is fighting to stay in double-digits today. It hasn't really been below 10 since 1994. Oof! Folks, it's April 15, the last day people can put money into their IRA's and/or buy stocks in IRA's. S&P and NASDAQ, among others of course, already know there's no more sucker money coming in; only the DJIA is being propped up for headline effect any more. "Another record closing high!", today as the rest of the market quietly continues to collapse? Sell them rallies!